The Analysis of the Breakdown of the Taiwan Stock Market''s Initial Public Offering Price System
| Autor: | Liu, Jen Jen, 劉蓁蓁 |
|---|---|
| Rok vydání: | 1996 |
| Druh dokumentu: | 學位論文 ; thesis |
| Popis: | 84 There was "honey moon" effect in the newly listed stocks in the Taiwan stock market before 1994. However, the latter part of the year in 1994, there were many initial public offering (IPO) prices of the newly listed stocks broken down on and on. Thus, the main motive of this thesis is to find out the reason why the "honey moon" effect is no longer normal and the IPO prices of the newly listed stocks were usually broken down after the latter part of 1994. The reaserching period of this thesis is from 1987 to 1995. In this thesis we will investigate the status of the whole environment in the Taiwan stock market first. Secondly, by the historical datum, we will try to analyze the characteristics of the newly listed stocks whose IPO prices have been broken down. Thirdly, we will observe the foudation of IPO prices system and justify if there are some unreasonable phenomenons when founding the IPO prices. The "test of mean valye difference", "stepwise regress The results of this refearch are as follows: 1.The reasons why a part of the IPO prices were broken down are that the newly listed stocks suffered from the stock market in bearish and unstable situation or from their wrongly listed timing. 2.The main reason of the bredakdown in "the whole industries" and "the other industries" is that the received captial amount is too large. 3.The main reason why the IPO prices of the newly listed stocks in the electronic industry were broken down is that the level of the offering prices is too high. Besides, from the concept of the macroeconomic environment, the electronic industry incurred the rapidly reversed industry business cycle, its products and production technologies changed fast, and the size and the price of the newly listed stocks in the electronic industry tend to be large and high in the later period, so the stocks of the eletronic industry become the largest proportion in the newly listed stocks whose IPO prices have been broken down, the ratio is 27.78%. 4.The breakdown of the IPO prices of the newly listed stocks in the construction industry is caused by their bad operational performance; in addition, along with the economic recession and the worse relationship between Taiwan and Mainland China, the construction stocks become a large proportion in the whole newly listed stocks whose IPO prices have been broken down, its ratio is 22.22%. 5.In practice, the variables that truly lead and affect the IPO prices of the stocks are the same with the theoretical variables, except "the time deposit interest rate". 6." The Tai Li-Ning Effect" is the main factor that leads the newly listed stocks to be broken down in the latter period (after May 30, 1994). 7.The bad relationships between Taiwan and Mainland China after Taiwan President Lee''''s visit in the USA also influence the breakdown of IPO prices of the last 12 newly listed stocks. |
| Databáze: | Networked Digital Library of Theses & Dissertations |
| Externí odkaz: |
|